M&A Deal Summary

Huntsman Acquires Icynene-Lapolla

On December 5, 2019, Huntsman acquired chemicals company Icynene-Lapolla from FFL Partners for 350M USD

Acquisition Highlights
  • This is Huntsman’s 10th transaction in the Chemicals sector.
  • This is Huntsman’s 4th largest (disclosed) transaction.
  • This is Huntsman’s 4th transaction in the United States.
  • This is Huntsman’s 2nd transaction in Texas.

M&A Deal Summary
Date 2019-12-05
Target Icynene-Lapolla
Sector Chemicals
Buyer(s) Huntsman
Sellers(s) FFL Partners
Deal Type Add-on Acquisition
Deal Value 350M USD

Target

Icynene-Lapolla

Houston, Texas, United States
Icynene-Lapolla is a manufacturer and distributor of spray polyurethane foam insulation products. Contractors install spray foam insulation in walls, ceilings, floors, attics, and hard-to-insulate areas across a diverse set of construction end markets, including new custom residential, new production residential, commercial, remodeling, and specialty non-construction applications. Icynene-Lapolla was founded in 1986 and is based in Houston, Texas.

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Buyer(S) 1

Buyer

Huntsman

The Woodlands, Texas, United States
Category Company
Founded 1970
Sector Chemicals
Employees6,000
Revenue 6.1B USD (2023)
DESCRIPTION
Entrance to Huntsman's corporate headquarters in The Woodlands, Texas.
Entrance to Huntsman's corporate headquarters in The Woodlands, Texas.

Huntsman is a manufacturer of differentiated organic chemical products and inorganic chemical products. The Company's products comprise a broad range of chemicals and formulations which are marketed globally to a diversified group of consumer and industrial customers. Huntsman's products are used in a wide range of applications, including those in the adhesives, aerospace, automotive, construction products, personal care and hygiene, durable and non-durable consumer products, electronics, medical, packaging, paints and coatings, power generation, refining, synthetic fiber, textile chemicals and dye industries. Huntsman was founded in 1970 and is based in The Woodlands, Texas.

DEAL STATS #
Overall 14 of 16
Sector (Chemicals) 10 of 12
Type (Add-on Acquisition) 8 of 8
State (Texas) 2 of 2
Country (United States) 4 of 6
Year (2019) 1 of 1
Size (of disclosed) 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-07 Huntsman - Integrated Oxides & Derivatives Business

The Woodlands, Texas, United States

Huntsman Corp. - Integrated Oxides & Derivatives Business comprises global Integrated Ethylene Oxide and Derivatives, Ethylene Glycol, Propylene Oxide/MTBE, LAB, and downstream Surfactants serving consumers daily needs and growing at ~5%. IVL is a true market leader holding #1 or #2 position in the vast majority of its portfolio serving targeted sectors in select geographies.

Sell $2.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-16 CVC Thermoset Specialties

Moorestown, New Jersey, United States

CVC Thermoset Specialties, Inc. is a developer of specialty materials including toughening agents and resins for high-performance thermoset systems and specialty nitrile latex for niche applications. CVC Thermoset Specialties was founded in 1982 and is based in Moorestown, New Jersey.

Buy $300M

Seller(S) 1

SELLER

FFL Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 5.4B USD
Size Mega
Type Sector Focused
DESCRIPTION

FFL Partners (formerly known as Friedman Fleischer & Lowe) is a private equity group focused on majority and minority investments in North American middle-market companies. Prospective businesses generally have revenues of $30 to $400 million and are valued between $50 and $300 million. Target situations include ownership restructurings in closely-held and family-owned companies, management buyouts, PIPEs, growth equity fundings, take privates, special situations, and recapitalizations. Sectors of interest include outsourced business services, education and training, marketing and media, consumer products, healthcare, and financial services. FFL Partners was formed in 1997 and is based in San Francisco.

DEAL STATS #
Overall 19 of 32
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 4 of 10
State (Texas) 2 of 3
Country (United States) 18 of 30
Year (2019) 2 of 3
Size (of disclosed) 6 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-11 Orthodontic Partners

Grand Rapids, Michigan, United States

Orthodontic Partners operates a network of high-end orthodontic practices that offer high-quality orthodontic treatments to youth and adults. Through its network, Orthodontic Partners is focused on creating a superior patient experience through the delivery of convenient, comfortable, high-quality orthodontic care. Orthodontic Partners is based in Grand Rapids, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-16 EyeCare Partners

Saint Louis, Missouri, United States

EyeCare Partners is a vertically integrated medical vision services provider in the US. The company offers patients end-to-end services covering medical optometry, ophthalmology and sub-specialties, and vision correction products. EyeCare Partners was founded in 2015 and is based in Saint Louis, Missouri.

Sell -
Mergr

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